The discussion of Hedge Funds in Chapter 5 has been expanded and included in the body of Chapter 5. These relatively unregulated investment companies now manage over
The discussion of Hedge Funds in Chapter 5 has been expanded and included in the body of Chapter 5. These relatively unregulated investment companies now manage over $2 trillion dollars in assets and have become a major sector of the financial institutions industry.Chapter 6 includes a discussion of the crash in the subprime mortgage market and the impact on finance companies that were deeply involved in this area of mortgage lending.The impact of the devastating Hurricane season in 2005, including Hurricane Katrina, on insurance companies is added to Chapter 3.Integrated Mini Cases have been added to several chapters. These exercises combine the various numerical concepts within a chapter into one overall problem.Additional end of chapter problems have been added to many of the chapters.A more detailed look at the interaction of interest rates, inflation, and foreign exchange rates has been added to Chapter 14. Chapters 21 and 22 in the previous edition of the text have been combined so that domestic and international geographic expansion are viewed as part of an overall expansion strategy for financial institutions rather than as independent activities.The order of Chapters 14 through 16 has been changed so that client-based risk measures are now all presented first followed by risk measures associated with the internal operations of the financial institution.The growth of the financial services holding company as a corporate form, first allowed under the 1999 Financial Services Modernization Act, is highlighted in several chapters. These entities can combine the various sectors of the financial institutions industry into one holding company that offers a whole variety of financial services.A risk approach: Financial Institutions Management uses a risk approach, keeping the first section of the text as an introduction and the last two sections as a risk measurement and risk management summary, respectively.Continuing detailed coverage of what¿s new: A detailed look at what is new in each of the different sectors of the financial institutions industry is presented in the first six chapters of the text. We have highlighted the continued international coverage with a global issues section icon located throughout the text.The Financial Services Modernization Act of 1999: The continuing effect of the Financial Services Modernization Act of 1999 on financial institutions is detailed in several chapters. Electronic technology and the Internet: Coverage of electronic technology and the Internet¿s impact on financial services is included in Chapter 14. Technological changes occurring over the last decade have changed the way financial institutions offer services to customers, both domestically and overseas. The effect of technology is also referenced in other chapters where relevant. Credit Risk models: Coverage of Credit Risk models (including newer models, such as KMV, CreditMetrics, and CreditRisk+) are included in the text.The paths of banking: Coverage in the \'Product Diversification\' chapter and the \'Geographic Diversification\' chapter continues to explore the increased inroads of banks into the insurance field, the move towards nationwide banking (in the United States), and the rapid growth of foreign banks and other intermediaries in the United States.Ethical controversies: In-chapter discussions of the many ethical controversies involving financial institutions (such as those involving commercial banks, investment banks, and mutual funds) have been added to most chapters.Ethical Dilemmas boxes: Ethical Dilemmas boxes highlight specific news stories relating to the ethical controversies involving financial institutions in the early 2000s.Appendices on the text website: Appendices for Chapters 8, 11, 18, and 25 are available on the book¿s website at www.mhhe.com/saunders5e. The presence of an online appendix is specifically noted in the end-of-chapter material.Internet problems: Internet problems included in the end-of-chapter problems guide the student through the web site as they collect the requested data. Further, these problems now ask the student to evaluate the data collected at the web site.Internet exercises guide the student to access the most recent data on the Web as it is discussed in the body of the Chapter.S&P Market Insight problems, located in the end-of-chapter problems, require the use of the Educational Version of Market Insight, a Standard and Poor¿s Compustat® data base. Over 1000 companies and key financial data are available as a problem solving resource, of which over 100 are financial institutions.Chapter Notation online: Chapter Notation used in each chapter has been summarized and posted to the book¿s web site (located at www.mhhe.com/saunders5e). These have been summarized and are listed by chapter at the web site.Highlighted in-chapter examples are located throughout in the chapters.Internet references are featured throughout each chapter as well as at the end of each chapter, and Internet questions are found after the end-of-chapter questions.trillion dollars in assets and have become a major sector of the financial institutions industry.
Chapter 6 includes a discussion of the crash in the subprime mortgage market and the impact on finance companies that were deeply involved in this area of mortgage lending.The impact of the devastating Hurricane season in 2005, including Hurricane Katrina, on insurance companies is added to Chapter 3.Integrated Mini Cases have been added to several chapters. These exercises combine the various numerical concepts within a chapter into one overall problem.Additional end of chapter problems have been added to many of the chapters.A more detailed look at the interaction of interest rates, inflation, and foreign exchange rates has been added to Chapter 14. Chapters 21 and 22 in the previous edition of the text have been combined so that domestic and international geographic expansion are viewed as part of an overall expansion strategy for financial institutions rather than as independent activities.The order of Chapters 14 through 16 has been changed so that client-based risk measures are now all presented first followed by risk measures associated with the internal operations of the financial institution.The growth of the financial services holding company as a corporate form, first allowed under the 1999 Financial Services Modernization Act, is highlighted in several chapters. These entities can combine the various sectors of the financial institutions industry into one holding company that offers a whole variety of financial services.A risk approach: Financial Institutions Management uses a risk approach, keeping the first section of the text as an introduction and the last two sections as a risk measurement and risk management summary, respectively.Continuing detailed coverage of what¿s new: A detailed look at what is new in each of the different sectors of the financial institutions industry is presented in the first six chapters of the text. We have highlighted the continued international coverage with a global issues section icon located throughout the text.The Financial Services Modernization Act of 1999: The continuing effect of the Financial Services Modernization Act of 1999 on financial institutions is detailed in several chapters. Electronic technology and the Internet: Coverage of electronic technology and the Internet¿s impact on financial services is included in Chapter 14. Technological changes occurring over the last decade have changed the way financial institutions offer services to customers, both domestically and overseas. The effect of technology is also referenced in other chapters where relevant. Credit Risk models: Coverage of Credit Risk models (including newer models, such as KMV, CreditMetrics, and CreditRisk+) are included in the text.The paths of banking: Coverage in the 'Product Diversification' chapter and the 'Geographic Diversification' chapter continues to explore the increased inroads of banks into the insurance field, the move towards nationwide banking (in the United States), and the rapid growth of foreign banks and other intermediaries in the United States.Ethical controversies: In-chapter discussions of the many ethical controversies involving financial institutions (such as those involving commercial banks, investment banks, and mutual funds) have been added to most chapters.Ethical Dilemmas boxes: Ethical Dilemmas boxes highlight specific news stories relating to the ethical controversies involving financial institutions in the early 2000s.Appendices on the text website: Appendices for Chapters 8, 11, 18, and 25 are available on the book¿s website at www.mhhe.com/saunders5e. The presence of an online appendix is specifically noted in the end-of-chapter material.Internet problems: Internet problems included in the end-of-chapter problems guide the student through the web site as they collect the requested data. Further, these problems now ask the student to evaluate the data collected at the web site.Internet exercises guide the student to access the most recent data on the Web as it is discussed in the body of the Chapter.S&P Market Insight problems, located in the end-of-chapter problems, require the use of the Educational Version of Market Insight, a Standard and Poor¿s Compustat® data base. Over 1000 companies and key financial data are available as a problem solving resource, of which over 100 are financial institutions.Chapter Notation online: Chapter Notation used in each chapter has been summarized and posted to the book¿s web site (located at www.mhhe.com/saunders5e). These have been summarized and are listed by chapter at the web site.Highlighted in-chapter examples are located throughout in the chapters.Internet references are featured throughout each chapter as well as at the end of each chapter, and Internet questions are found after the end-of-chapter questions.
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Brief Contents
PART ONE: Introduction 1 Why Are Financial Intermediaries Special? 2 The Financial Services Industry: Depository Institutions 3 The Financial Services Industry: Insurance Companies 4 The Financial Services Industry: Securities Firms and Investment Banks 5 The Financial Services Industry: Mutual Funds and Hedge Funds 6 The Financial Services Industry: Finance Companies 7 Risks of Financial Intermediation
PART TWO: Measuring Risk 8 Interest Rate Risk I 9 Interest Rate Risk II 10 Market Risk 11 Credit Risk: Individual Loan Risk 12 Credit Risk: Loan Portfolio and Concentration Risk 13 Off-Balance-Sheet Risk 14 Foreign Exchange Risk 15 Sovereign Risk 16 Technology and Other Operational Risks 17 Liquidity Risk
PART THREE: Managing Risk 18 Liability and Liquidity Management 19 Deposit Insurance and Other Liability Guarantees 20 Capital Adequacy 21 Product Diversification 22 Geographic Expansion 23 Futures and Forwards 24 Options, Caps, Floors, and Collars 25 Swaps 26 Loan Sales 27 Securitization
